MIRA INFORM REPORT
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Report Date : |
17TH June, 2006 |
IDENTIFICATION DETAILS
|
Name : |
MADURAI ARKAY ROCK PRODUCE
PRIVATE LIMITED |
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Registered Office : |
4/48
Sholavandan Road Nagari, Madurai-625221 |
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Country : |
India
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
31.10.
1997 |
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Com. Reg. No.: |
18-39345 |
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CIN No.: [Company Identification No.] |
U26999TN1997PLC039345 |
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TAN No.: [Tax Deduction & Collection Account No.] |
MRIM00326E |
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Legal Form : |
Private
limited liability company |
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Line of Business : |
Manufacturer,
exporter and importer of Marble, Granites, Sandstone, Limestone, Slate,
Travertine, Monuments, Work of Art, Tombstone, Gravestone |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 250000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established and reputed company having satisfactory track.
Directors are reported as experienced, respectable and resourceful
businessmen. Their trade relations are fair. General financials positions is
satisfactory. Payments are usually correct and as per commitments. The
company can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office /
Factory : |
4/48
Sholavandan Road Nagari, Madurai-625221 |
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Tel. No.: |
91-4543-258020/258930/31 |
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Fax No.: |
91-4543-258030 |
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Mobile : |
91-9894751015 |
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E-Mail : |
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Area : |
Owned
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DIRECTORS
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Name : |
Mr.
R. Sriram |
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Designation : |
Managing
Director |
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Date of Birth/Age : |
10/04/1964 |
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Name : |
Ms.
K Geeta |
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Designation : |
Director |
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Date of Birth/Age : |
30/05/1966 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
R. Sriram |
58500 |
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K Geeta |
22500 |
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R. Kalyani |
9000 |
Total
|
90000 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer,
exporter and importer of Marble, Granites, Sandstone, Limestone, Slate,
Travertine, Monuments, Work of Art, Tombstone, Gravestone |
PRODUCTION STATUS
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Stones cut and polished |
Cubic feet |
36000 |
26054.67 |
GENERAL INFORMATION
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No. of Employees : |
15
persons in office and 80 persons in factory |
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Bankers : |
State
Bank of India Industrial
Finance Branch, Madurai - 625020, Tamil Nadu, India |
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Facilities : |
Term
Loan from Tamil Nadu Industrial Investment Corporation Limited |
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Banking Relations : |
Satisfactory |
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Auditors : |
C.
Balakrishnan Chartered
Accountant Madurai |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity
Shares |
Rs. 100 each |
Rs. 10.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
90000 |
Equity
Shares |
Rs. 100 each |
Rs. 9.000 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.000 |
9.000 |
9.000 |
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3] Reserves & Surplus |
53.221 |
50.811 |
43.136 |
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NETWORTH
|
62.221 |
59.811 |
52.136 |
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LOAN FUNDS |
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1] Secured Loans |
35.478 |
34.544 |
38.128 |
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2] Unsecured Loans |
0.043 |
0.328 |
0.426 |
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TOTAL
BORROWING
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35.521 |
34.872 |
38.554 |
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DEFERRED TAX LIABILITIES |
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TOTAL
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97.742 |
94.683 |
90.690 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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36.362 |
35.570 |
33.716 |
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Capital work-in-progress
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INVESTMENT
|
0.011 |
0.011 |
0.036 |
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DEFERREX TAX ASSETS
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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13.322
|
20.747 |
15.164 |
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Sundry Debtors
|
24.409
|
16.977 |
21.328 |
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Cash & Bank Balances
|
22.311
|
18.139 |
14.108 |
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Loans & Advances
|
6.689
|
7.358 |
8.556 |
Total Current Assets
|
66.731
|
63.221 |
59.156 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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4.201
|
2.212 |
2.219 |
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Provisions
|
1.160
|
1.910 |
-- |
Total Current Liabilities
|
5.361
|
4.122 |
2.219 |
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Net Current
Assets
|
61.370
|
59.099 |
56.937 |
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MISCELLANEOUS EXPENSES
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-- |
-- |
-- |
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TOTAL
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37.743 |
94.680 |
90.689 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
Sales Turnover [including other income]
|
104.375 |
102.106 |
90.865 |
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Profit/(Loss) Before Tax
|
3.495 |
9.209 |
13.485 |
Provision for Taxation
|
1.160 |
1.910 |
-- |
Profit/(Loss) After Tax
|
2.336 |
7.299 |
13.485 |
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Export Value
|
96.897 |
106.385 |
84.248 |
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Import Value
|
22.340 |
18.741 |
14.478 |
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Total Expenditure
|
93.346 |
84.067 |
70.247 |
KEY RATIOS
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PARTICULARS |
|
31.03.2004 |
31.03.2003 |
31.03.2002 |
PAT / Total Income
|
(%)
|
2.238
|
7.148 |
14.840 |
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Net Profit Margin
(PBT/Sales) |
(%) |
3.348
|
9.022 |
14.840 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
3.389
|
9.320 |
14.514 |
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Return on Investment (ROI)
(PBT/Networth) |
|
0.056
|
0.154 |
0.258 |
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Debt Equity Ratio
(Total Liability/Networth) |
|
0.657
|
0.652 |
0.782 |
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Current Ratio
(Current Asset/Current
Liability) |
|
12.447
|
15.337 |
26.658 |
LOCAL AGENCY FURTHER INFORMATION
Subject
exports granites and other types of stones and imports granites and machinery.
Industry
The construction industry
continues an estimated 10% to India's GDP. Actual contribution could be higher
as a large part of construction activity comes under the parallel economy. GDP
elasticity of construction is currently around 0.6. It is expected to increase
to over 1.0 as the classified into three broad segments: Civil (Municipal Road,
Sewage and Water Supply Projects), Infrastructure (Highways, Bridges, Dams,
Ports, etc.) and Housing / Industrial Segments (Domestic and Industrial
Construction)
Granites are mainly used in
domestic and industrial construction and exports. At present, industry is
passing through difficult time, mainly due to high cost of raw materials,
transportation, other inputs and stiff competition in the international market.
AS PER WEBSITE
Tamil Nadu
Tamil
Nadu - Madurai 
`India, future destination for growth'
By Their Staff
Reporter
R.C. Banka, senior vice-president (operations), Tractor and Farm Equipment
Limited, presenting the MADITSSIA-AIMO Visvesvaraya Award to R. Sriram of the
Madurai Arkay Rock Produce Private Limited, in the city on Friday. — Photo: K.
Ganesan.
MADURAI, MAY 29.
"India is on the threshold of a major change, and, as an economy, it will
be the future destination for growth, along with countries such as Brazil,
China and Mexico," said R. C. Banka, senior vice-president (operations),
Tractors and Farm Equipment Limited.
The present and
next decades would witness a major transformation, with the developing
countries such as India taking over from the developed nations in terms of
growth, he said, speaking at the 30th anniversary celebrations of the Madurai
District Tiny and Small Scale Industries Association here on Friday.
Mr. Banka said the
enormous skills available in the country would give it an edge in the global
arena. The automobile production had grown rapidly, and set a target of one
cars and 5.000 –6.000 Millions two-wheelers. The country produced around 0.16
Millions tractors in the peak period of 1999-2000, and today the figure was
0.125 Millions tractors.
He called for
setting up large-scale manufacturing units. The IT sector was taking over the
manufacturing sector, and the skills of Indians were being recognised all over
the world. Timely delivery and reliability, he said, were essential for growth.
On the industry
scenario in the southern Tamil Nadu, he said the southern districts required a
major industry, or a few large industries. "Small-scale industries are not
enough. Some major industries should come up in and around Madurai," Mr.
Banka said. The TAFE, he pointed out, had set up its tractor unit near here
five years ago. "It is considered one of the best in the industry,"
he said.
He also called for
improving the industrial infrastructure in the south Tamil Nadu, such as
facilities for setting up an auto-component industry and a tool room facility.
Other facilities such as roads, power and water were satisfactory, and
education was good. The TAFE would encourage small industry in the components
sector in the region, he said.
Mr. Banka gave
away the MADITSSIA-AIMO Visvesvaraya Award-2003 to the Madurai Arkay Rock
Produce (Private) Limited, and R. Sriram, managing director, received it.
The Bharath Rubber
Factory at Nagari and the Pharmafabricon at Oththappatti stood second and
third.
The MADITSSIA
president, K. Ramachandran, the vice-president, S. Aravind, and N. R.
Subramania Raja, past chairman, All-India Manufacturers' Organisation, spoke.
The secretary, P. T. Krishnamoorthy, read the annual report.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION ON DESIGNATED PARTY
No records exist designating subject or any of its
beneficial owners, controlling shareholders or senior officers as terrorist or
terrorist organization or whom notice had been received that all financial
transactions involving their assets have been blocked or convicted, found
guilty or against whom a judgement or order had been entered in a proceedings
for violating money-laundering, anti-corruption or bribery or international
economic or anti-terrorism sanction laws or whose assets were seized, blocked,
frozen or ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or
assets of the subject are derived from criminal conduct or a prohibited
transaction.
4] Record on Financial Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal Records
No available information exist that suggest that
subject or any of its principals have been formally charged or convicted by a
competent governmental authority for any financial crime or under any formal
investigation by a competent government authority for any violation of
anti-corruption laws or international anti-money laundering laws or standard.
8] Affiliation with Government :
No record exists to suggest that any director or
indirect owners, controlling shareholders, director, officer or employee of the
company is a government official or a family member or close business associate
of a Government official.
9] Compensation Package :
Our market survey revealed that the amount of
compensation sought by the subject is fair and reasonable and comparable to
compensation paid to others for similar services.
10] Press Report :
No press reports /
filings exists on the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.45.89 |
|
UK
Pound |
1 |
Rs.84.65 |
|
Euro |
1 |
Rs.57.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP
CAPITAL |
1~10 |
5 |
|
OPERATING
SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT
LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT
POINTS |
|
|
|
--BANK
CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER
ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT
POINTS |
|
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--SOLE
DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT
ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk and to set
the amount of credit to be extended. It is calculated from a composite of
weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial condition (40%) Ownership background (20%) Payment record (10%)
Credit history (10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses
an extremely sound financial base with the strongest capability for timely payment
of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses
adequate working capital. No caution needed for credit transaction. It has
above average (strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial
& operational base are regarded healthy. General unfavourable factors
will not cause fatal effect. Satisfactory capability for payment of interest
and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable
& favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse
factors are apparent. Repayment of interest and principal sums in default or
expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute
credit risk exists. Caution needed to be exercised |
Credit not recommended |